Adani-Hindenburg Row: A hearing was held in the Supreme Court on Friday (May 12) in the case related to the Adani-Hindenburg dispute. During the hearing, Solicitor General Tushar Mehta, seeking time for the investigation, said that SEBI needs 6 months to complete the investigation. Behind this, he cited the complexity of the matter.
On this CJI DY Chandrachud asked what was the previous order? Then Tushar Mehta read out the order. In fact, in the last hearing, the Supreme Court had formed an expert committee under the chairmanship of former judge Justice Sapre. The committee was asked to suggest measures for the protection of investors. SEBI was also asked to investigate in 2 months.
What was argued?
Advocate Prashant Bhushan, opposing the extension of time, cited a treaty between several countries, saying that SEBI can collect information from abroad. On this Mehta said that we have sought information from abroad. Responding to this, Bhushan said that he should have done so earlier. He said that SEBI is also a member of the International Organization of Securities Commissions. He is demanding to collect information through the same.
What did CJI DY Chandrachud say?
CJI DY Chandrachud said that we have received the Sapre Committee report in the matter. We could not see it, that’s why the next hearing will be on Monday (May 15). Will order on your (SEBI’s) application on the same day itself. On the plea of Prashant Bhushan, the CJI said that we will consider this also and give an order.
What is the matter?
Adani Group is accused of manipulation of share prices and providing erroneous regulatory information. On this, the court had said on February 10 that there was a need to protect the interests of Indian investors due to volatility in the stock market after the Adani Group’s shares fell heavily. On this, the Adani group had said that it has followed all the laws.
Save that after a report of Hindenburg Research, there was a huge fall in the prices of shares of Adani Group.
read this also- Adani Stock Opening Today: Pressure before hearing in Supreme Court, all Adani shares in loss as soon as they open
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